Proposed FHA Loan Limits Change on October 1, 2011Proposed FHA Loan Limits Change on October 1, 2011

If passed, these proposed loan limit changes will restrict the size of loans that can be insured by the Federal Housing Administration. Out of 3,334 counties nationwide, 669 will be affected by these changes, the rest most likely will remain the same.

Streamline refinance loans will not be affected. Personally I don't see a lot of FHA loans coming in that high in the local market of Washington County, Utah. The impact may be greater in other areas of the country where homes prices are typically higher.

The following proposed changes are for Washington County, Utah:

Current                FHA Single-Family Loan Limit is $372,500.

Proposed            FHA Single-Family Loan Limit will be $278,300.

-- Difference of $94,200!

For more information and a copy of the press release, go to: http://portal.hud.gov/hudportal/documents/huddoc?id=fhaloanlmhera.pdf

 

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10 Comments on Proposed FHA Loan Limits Change on October 1, 2011

JUL
09
2011
239,220 Points Localism Sponsor Attended Rain Camp

Wow, big difference Wanda! I'll have to see if this will have an effect on the Worcester county area as well.

Have a good day!
10:07am • #1
940,697 Points 83 Featured Posts Localism Sponsor Called Shot Master

Michele, The press release shows the counties that will be affected and is very detailed. Enjoy your day too!
10:24am • #2
529,238 Points 20 Featured Posts Outside Blog Called Shot Master

Hi Wanda,   Not sure if this is a great thing or not.  We need all the help we can get in Denver.
10:27am • #3
940,697 Points 83 Featured Posts Localism Sponsor Called Shot Master

Will, We can only see if it happens and how to move forward if it does.
10:40am • #4
1,417,173 Points 28 Featured Posts Hit Router Called Shot Master

I've seen the numbers for our area too and it's decreasing by a similar percentage to yours.  Will not help those buying homes without large down payments.
10:43am • #5
940,697 Points 83 Featured Posts Localism Sponsor Called Shot Master

That is true Gabe. It may just price some buyers out of the market.
11:01am • #6
427,998 Points 7 Featured Posts Called Shot Master

Interesting notes Wanda;  In my area it's NY Richmond County  $ 729,750 old amount, $ 625,500 -will be the new amount, a difference of $104,250
8:33pm • #7
JUL
10
2011
998,409 Points 108 Featured Posts Localism Sponsor Outside Blog

Crap, that's a significant drop. I don't worry too much about the upper end for the agency jumbos in my area because there aren't that many buyers for those loans. At least our conforming at $417,000 remains the same, and that's where all the buyers are in Sacramento.
10:41am • #8
940,697 Points 83 Featured Posts Localism Sponsor Called Shot Master

That is quite a decrease Kenneth and Elizabeth.

 
11:48am • #9
1,273,388 Points 2 Featured Posts Outside Blog Hit Router

Wanda

Cant say I didn't see that coming in time. FHA is still an amazingly good progtram for buyers
8:33pm • #10

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Wanda Kubat-Nerdin, REALTOR® St. George, Utah, Southern Utah Residential Real Estate Specialist (Prado & Kramer Real Estate, St. George, UT 435.632.9374) Rainmaker_large

Wanda Kubat-Nerdin, REALTOR® St. George, Utah

Southern Utah Residential Real Estate Specialist

Saint George, UT

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Prado & Kramer Real Estate, St. George, UT 435.632.9374

Address: 21 North Main Street, St. George, UT, 84770

Office Phone: (435) 251-8092

Cell Phone: (435) 632-9374

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Southern Utah has over 300 days of sunshine per year while offering mild winter temperatures for outdoor activities every day! Add that to the picturesque canyons, red rock cliffs, sandstone bluffs, clean air plus small town atmosphere you’re Home, Sweet Home! Come and experience Southern Utah for yourself! I cover the following areas: St. George Hurricane Washington City Santa Clara Ivins Central New Harmony Pine Valley Toquerville Veyo Central Pine Valley


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